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Dec 7, 2012
12/12
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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Dec 7, 2012
12/12
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we talk about the state capital which was tax -- 74% tax exempt. a lot of it was a result of the state taking over a large percentage of our city. a lot of it was non for profits. i have had a good working relationship with people in the state governments. it is good to have them close. i can see what they're doing and to buy and put and see what i can do for the people of the city. [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute] host: we turn our attention to unemployment insurance and how it can be impacted. joining us for the discussion is josh . caller: it is a combination of a federal and state program. it usually lasts -- it can be extended up to 93 weeks. it is the extension be on the six month time frame we're talking about as part of the fiscal cliff tops. host: that is what might be caught -- cut? guest: that is what automatically expires. president obama has said as part of the deal i want to make, the benefits should continue. republicans have not taken a firm stand. we ha
we talk about the state capital which was tax -- 74% tax exempt. a lot of it was a result of the state taking over a large percentage of our city. a lot of it was non for profits. i have had a good working relationship with people in the state governments. it is good to have them close. i can see what they're doing and to buy and put and see what i can do for the people of the city. [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute]...
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Dec 4, 2012
12/12
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taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white house understands there is unity at the republican leadership table. host: here is a copy of the letter sent to the white house with the signatures of the leadership team including paul ryan. a lot of our callers have talked about the lack of details in this proposal then back which loopholes or deductions do you get rid of? guest: there is an interesting debate and discussion on that. that is for the negotiators. the easiest way to do it would be to cap the dollar amount and let the individual pick and c
taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white...
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Dec 6, 2012
12/12
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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Nov 29, 2012
11/12
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then personal income taxes. then taxes on consumption, and taxes on property. most of these find that taxes on consumption -- the closest thing we have on the federal level is the payroll tax -- would have no direct tax on consumption like every other country in the oecd. that is a consumption tax. many economists and they oecd find that those taxes have no relationship with economic growth. it is the taxes it -- it is not the taxes on consumption that hard economic growth. host: this is part of a continuing series on "washington journal" focusing on a fiscal cliff. our conversation has broadened. to bring it back to the payroll tax cut and remind you it was enacted in december of 2010, designed to temporarily boost the economy and reduce the tax to% from 6.2% to 4.2% and increased take-home pay about an average of $1,000 to $1,800 per worker. it expires at the end of the year, rates will revert back to 6.2%. if you make $35,000 or so, that will be an extra $700 in taxes. the $2,000, an extra thousand dollars. 75,000, $1,500. finally, $110,000, the upper limit
then personal income taxes. then taxes on consumption, and taxes on property. most of these find that taxes on consumption -- the closest thing we have on the federal level is the payroll tax -- would have no direct tax on consumption like every other country in the oecd. that is a consumption tax. many economists and they oecd find that those taxes have no relationship with economic growth. it is the taxes it -- it is not the taxes on consumption that hard economic growth. host: this is part...
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Dec 6, 2012
12/12
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tax. it's generally seen by economists as less damaging than an income tax, it's also more regress i, meaning because it's basically like a sales tax and can be applied to things like food, it will hit lower income people more than upper income people, that's why a lot of democrats don't want to adopt it, even though it's a good way to raise a lot of revenue and crow ating the social welfare state. host: if you had to propredict what's going to happen between now and the end of the year, what would you say? guest: i have a feeling they're very close. host: but congress went home yesterday. guest: the people who matter are here. the aides to boehner and obama are here. they're still working. there are times when even this week thail get frustrated -- they'll get frustrated and stop talking to each other, so i'm not sure if they're talking to each other today or not. but obama said he thinks this could be done in a week and enge he's right. host: there's a feeling about that on the hill? gue
tax. it's generally seen by economists as less damaging than an income tax, it's also more regress i, meaning because it's basically like a sales tax and can be applied to things like food, it will hit lower income people more than upper income people, that's why a lot of democrats don't want to adopt it, even though it's a good way to raise a lot of revenue and crow ating the social welfare state. host: if you had to propredict what's going to happen between now and the end of the year, what...
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Dec 5, 2012
12/12
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without raising any taxes. but the fact of the matter is i know the gentleman has historically not felt tax cuts should be paid for either by reducing it or offsetting. the president doesn't agree with the $800 billion because he doesn't think the math works. i share the president's view. the math doesn't work. the most useful effort will be if we all agree on the onive -- objective, whether it's $4 trillion, whether it's 70% debt to g.d.p. ratio which most economists or a little less than that is sustainable or is on a sustainable path. if we all agree with the objective and then, mr. majority leader, simply make the math work to get there on a way that we could agree on, i think america would be advantaged, the economy would be advantaged and we'd see a renaissance of job creation in this country as we did in the 2000's. and i'll be glad to yield to my friend. mr. cantor: i accept the gentleman's good intentions. i know he doesn't think that we ought to be imposing additional obligations on the american peopl
without raising any taxes. but the fact of the matter is i know the gentleman has historically not felt tax cuts should be paid for either by reducing it or offsetting. the president doesn't agree with the $800 billion because he doesn't think the math works. i share the president's view. the math doesn't work. the most useful effort will be if we all agree on the onive -- objective, whether it's $4 trillion, whether it's 70% debt to g.d.p. ratio which most economists or a little less than that...
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126
Dec 5, 2012
12/12
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eye 126
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host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when you retire. that is higher than the current cap gains tax rate. ordoes not apply to 401(k)'s any other income tax deferred instrument. when you take them out, you pay taxes on them. guest: that is correct. you pay income tax and presumably when you retire, you are at a lower tax rate and that is the advantage. it is a s
host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick...
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Dec 5, 2012
12/12
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not your income tax, not your payroll tax, not your capital gains tax. not any of your taxes. the article goes on. this man's firm pledges aren't worth too much, are they? it's worth -- if only to marvel at the sheer hypocrisy. congressional budget office determined that millions of americans will bet socked by the obamacare mandate. 80% of whom are middle income citizens. nearly six million americans, significantly more than first estimated, will face a tax penalty. under president barack obama's health overhaul for not getting insurance. congressional analysts said wednesday. most would be in the middle class. the new estimate amounts to an inconvenient fact for the administration, a reminder of what critics see as broken promises. and the budget office analyst -- analysis found that nearly 80% of those who will face a penalty will be making up to or less than five times the federal prompt level. currently that will work out to $55,50 or less for an -- 55,050 or less for an vidge or average penalty about $1,200 in 2016. and it goes on to point out c.b.o. has also said there
not your income tax, not your payroll tax, not your capital gains tax. not any of your taxes. the article goes on. this man's firm pledges aren't worth too much, are they? it's worth -- if only to marvel at the sheer hypocrisy. congressional budget office determined that millions of americans will bet socked by the obamacare mandate. 80% of whom are middle income citizens. nearly six million americans, significantly more than first estimated, will face a tax penalty. under president barack...
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Nov 30, 2012
11/12
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you pay a 5% income tax rate. then payroll tax. your payroll tax is 15.3%, mr. speaker. every wage earner in this land, 15.3% they pay each
you pay a 5% income tax rate. then payroll tax. your payroll tax is 15.3%, mr. speaker. every wage earner in this land, 15.3% they pay each